Table 1 Variable definitions and sources...

Table 1

Variable definitions and sources

Variable	Measure	Source
Outcome variables
Government ownership %	Ownership percentage held by the final largest state investor	Thomson Reuters Eikon
Government ownership	Dichotomous variable with a value of 1 if government is the final largest owner, 0 otherwise	Thomson Reuters Eikon
Moderators
Block government ownership (10% threshold)	Dichotomous variable with a value of 1 if government is the final largest owner and holds 10% and above of shares, 0 otherwise	Thomson Reuters Eikon
Block government ownership (20% threshold)	Dichotomous variable with a value of 1 if government is the final largest owner and holds 20% and above of shares, 0 otherwise	Thomson Reuters Eikon
Pyramid government ownership	Dichotomous variable with a value of 1 if government is the final largest owner and adopts a pyramid ownership structure (ownership chain > 1), 0 otherwise	Thomson Reuters Eikon
Explanatory variables
Market conditions	The aggregate mean of financial markets, labor markets and product markets	Global Competitiveness Index from the World Economic Forum
Control of corruption	Perceptions of the extent to which public power is exercised for private gain, including both petty and grand forms of corruption	World Bank’s Worldwide Governance Indicators
Property rights	The extent to which a country’s laws protect private property rights and the extent to which these laws are enforced	Heritage Foundation
Political constraints	Feasibility of policy change defined as the extent to which a change in the preferences of any political actor may lead to a change in government policy, i.e. political democracy	Henisz (2002)
Power distance	Acceptance of unequal distribution of power in a society	Hofstede Cultural Dimensions
Control variables
Firm size	Natural log of firm total assets	Bureau van Dijk
Firm age	Natural log of firm age	Bureau van Dijk
ROA	(Net income / total assets) * 100	Bureau van Dijk
Tobin’s Q	(Market capitalization / total assets) * 100	Bureau van Dijk
Board size	Total number of directors on the board	Bureau van Dijk
Board independence	Ratio of the firm board’s independent members to board size multiplied by 100	Bureau van Dijk
Female board representation	Ratio of female directors to board size multiplied by 100	Bureau van Dijk
Board committees	Total number of board committees	Bureau van Dijk
Audit committee	Dichotomous variable with a value of 1 for whether the firm has an audit committee, 0 otherwise	Bureau van Dijk
Shareholders’ rights	Dividends payout	Bureau van Dijk
Revenue growth	[(Revenue in current year−revenue in previous year)/revenue in previous year] * 100	Bureau van Dijk
Leverage ratio	Debt-to-equity ratio	Bureau van Dijk
GDP per capita	Natural log country GDP per capita	World Bank’s World Development Indicators
GPD growth	Natural log of country GDP growth	World Bank’s World Development Indicators
Industry	Dichotomous variable with a value of 1 for each industry type, 0 otherwise	Bureau van Dijk

Variable	Measure	Source
Outcome variables
Government ownership %	Ownership percentage held by the final largest state investor	Thomson Reuters Eikon
Government ownership	Dichotomous variable with a value of 1 if government is the final largest owner, 0 otherwise	Thomson Reuters Eikon
Moderators
Block government ownership (10% threshold)	Dichotomous variable with a value of 1 if government is the final largest owner and holds 10% and above of shares, 0 otherwise	Thomson Reuters Eikon
Block government ownership (20% threshold)	Dichotomous variable with a value of 1 if government is the final largest owner and holds 20% and above of shares, 0 otherwise	Thomson Reuters Eikon
Pyramid government ownership	Dichotomous variable with a value of 1 if government is the final largest owner and adopts a pyramid ownership structure (ownership chain > 1), 0 otherwise	Thomson Reuters Eikon
Explanatory variables
Market conditions	The aggregate mean of financial markets, labor markets and product markets	Global Competitiveness Index from the World Economic Forum
Control of corruption	Perceptions of the extent to which public power is exercised for private gain, including both petty and grand forms of corruption	World Bank’s Worldwide Governance Indicators
Property rights	The extent to which a country’s laws protect private property rights and the extent to which these laws are enforced	Heritage Foundation
Political constraints	Feasibility of policy change defined as the extent to which a change in the preferences of any political actor may lead to a change in government policy, i.e. political democracy	Henisz (2002)
Power distance	Acceptance of unequal distribution of power in a society	Hofstede Cultural Dimensions
Control variables
Firm size	Natural log of firm total assets	Bureau van Dijk
Firm age	Natural log of firm age	Bureau van Dijk
ROA	(Net income / total assets) * 100	Bureau van Dijk
Tobin’s Q	(Market capitalization / total assets) * 100	Bureau van Dijk
Board size	Total number of directors on the board	Bureau van Dijk
Board independence	Ratio of the firm board’s independent members to board size multiplied by 100	Bureau van Dijk
Female board representation	Ratio of female directors to board size multiplied by 100	Bureau van Dijk
Board committees	Total number of board committees	Bureau van Dijk
Audit committee	Dichotomous variable with a value of 1 for whether the firm has an audit committee, 0 otherwise	Bureau van Dijk
Shareholders’ rights	Dividends payout	Bureau van Dijk
Revenue growth	[(Revenue in current year−revenue in previous year)/revenue in previous year] * 100	Bureau van Dijk
Leverage ratio	Debt-to-equity ratio	Bureau van Dijk
GDP per capita	Natural log country GDP per capita	World Bank’s World Development Indicators
GPD growth	Natural log of country GDP growth	World Bank’s World Development Indicators
Industry	Dichotomous variable with a value of 1 for each industry type, 0 otherwise	Bureau van Dijk

Source(s): Author’s own work

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